Tampa city and county leaders, the CRA, and the Tampa Bay Rays have signed a non-binding memorandum of understanding that sets a framework for a $2.3 billion project including a new MLB stadium and adjacent mixed-use development on part of Hillsborough College’s North Dale Mabry campus.
The MOU outlines responsibilities for design, construction, funding, ownership and operations and establishes a Community Benefits Agreement but it does not commit public funds or finalize project agreements. Final Project Agreements—including the Development Agreement, Owner Guaranty, Non-Relocation Agreement and any interlocal agreements—will be negotiated and executed at a later stage.
What’s in the MOU?
Parties and Purpose
The signatories are the City of Tampa, Hillsborough County, CRA, Rays Baseball Club, LLC and Tampa Bay Rays Stadium Company, LLC. The MOU provides a framework for negotiating detailed project agreements covering construction, funding, ownership, operations and community benefits. It is explicitly non-binding and intended to guide future agreements.
New Ballpark Project
The plan calls for an open-air stadium with at least 31,000 seats designed as a pavilion for MLB home games and community events. Public use areas such as plazas, parks and walkways will be tax-exempt while private areas will be subject to ad valorem taxation. Ownership structures will clearly separate public and private areas. The MOU also emphasizes that the ballpark will serve as a civic landmark and community gathering place for Tampa residents.
Mixed-Use Development
Private mixed-use development—including residential, retail and commercial space—will be built adjacent to the ballpark. CRA and government parties have review and approval rights over valuation, compliance and land use. Public plazas and infrastructure are included as part of the mixed-use site and Florida’s “Live Local Act” is explicitly prohibited within this component.
Funding and Public Contributions
Public contributions are capped at $976 million, including $80 million from the City, $360 million from county Community Investment Tax revenues and additional funding from county and CRA bonds for infrastructure. The CRA may issue up to $100 million in bonds restricted to public infrastructure in Drew Park. Public funding is contingent on approvals, permits, bond validation and compliance with redevelopment law. CRA contributions are limited to capital improvements and cannot fund operational costs, stadium maintenance or team expenses.
The MOU allows for milestone-based disbursement of public funds, meaning funds may be released progressively as construction and permitting milestones are satisfied. Detailed allocations cover horizontal and vertical improvements, including streets, utilities, plazas and stormwater infrastructure. Funding may come from CIT, TDT bonds, CRA bonds and CDBG-DR funds for stormwater, and bonds are non-recourse to general funds. The framework also contemplates ticket surcharge bonds and acknowledges that CRA bond issuance, TDT tranche timing and interest adjustments, and milestone conditions are subject to detailed financial structuring in future agreements.
Rays Stadium Entity Obligations
The Rays are responsible for financing, design, construction, furnishing and ongoing operation of the stadium. They assume liability for cost overruns, construction defects and reporting. A nationally recognized architectural firm and CMAR must be retained with indemnity and insurance obligations for the government parties and CRA. Monthly project schedule and budget reporting is required and the stadium must comply with ADA, MLB and sustainable design standards. Revenue from tickets, suites, concessions, naming rights, sponsorships and advertising remains with the team.
Use Agreement
The Rays will operate and maintain the stadium for 35 years with five optional three-year extensions. Government parties retain rights for community events, emergencies and promotional messaging. Traffic management and security plans are coordinated under government oversight. The MOU also includes restrictions on liens, mortgages and assignments of rights while any transfers require approval except for MLB-approved ownership changes. The Rays are responsible for capital improvements and ongoing maintenance under the agreement.
Community Benefits Agreement (CBA)
The CBA is built on five pillars: workforce development and local hiring, youth opportunity, community access and activation, neighborhood enhancements and direct investment. Oversight will be provided by an advisory committee including mayoral, City Council, CRA and College representatives. CRA participation is contingent on the governing board’s approval and cannot be compelled for non-redevelopment purposes.
Contingencies / Conditions Precedent
Public contributions will only be released after approvals, permits, bond validation, entitlements and execution of Project Agreements.
The CRA, City and County retain discretion to approve or withhold funding. Private contributions by the Rays are required to fill any gaps if public funds are unavailable. Milestone-based funding and bond validation are explicitly part of the framework, meaning the timing and release of public funds depend on verified progress and compliance with all conditions. Amendments to CRA interlocal agreements and redevelopment plans are also part of the conditions precedent.
Next Week’s Public Review
The BOCC will review the MOU in a time-certain discussion at 10:15 a.m. on Wednesday, May 20 and the Tampa City Council will examine it under Staff Reports and Unfinished Business on Thursday, May 21. These sessions are for public review and discussion only; neither body is scheduled to vote on public funding or execute project agreements at this stage.
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